The loans industry has been revamped with the development of logbook loans and LogbookLoansUK247.co.uk is launched to give users more information on this type of loan.
Birmingham, West Midlands -- (SBWIRE) -- 12/13/2013 -- A huge growth market is that of the short-term loans industry. People have always had the opportunity to obtain a loan from the high street banks. However, these lenders tend to have strict lending criteria and many people who require access to cash are simply not eligible for them. This has led to the huge growth in high interest, short-term loan companies.
In more recent years with the economic downturn throughout world, it has been more difficult for people to get access to loans, especially from the traditional high street lenders. Those who require access to cash are often those most affected by the economic crisis and everyday rising prices.
The rapid growth in the very high-interest, short-term loans industry, otherwise known as payday loans, is the result. These are unsecured loans and have attracted a lot of attention from the media due to the ultra high interest rates they attract.
More recently in the short-term loans industry has been the development of logbook loans. These are a form of secured lending that uses your car as security. With this type of borrowing there is the use of collateral in the form of a vehicle.
This means that they generally attract a lower interest rate than the payday loan companies, though still higher than that of traditional high street banks. The amount that can be borrowed is usually up to the resale value of your vehicle. It means that access to fast cash is more accessible even to those who wouldn't normally be eligible for traditional loans. These new products and innovations in the short-term loans market has filled a gap in demand and such companies have seen a huge amount of business growth.
Borrowers must be aware of the very real risk of losing their vehicle if they fail to repay the loan and keep up with repayments. Borrowers who are seeking low value loans from several hundred pounds to several thousand pounds may find logbook loans offer a more cost-effective method of borrowing that the ultra-high interest payday loans.
LogbookLoansUK247.co.uk is an informational website at the forefront of the logbook loans industry and provide useful and up to date information on the market for borrowers. For further details, visit the website at http://www.logbookloansuk247.co.uk